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Published
Nov 21, 2014
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American Apparel on the wane in all its markets

Published
Nov 21, 2014

After several months of wavering and a legal battle between founder Dov Charney and the brand's shareholders, American Apparel has posted contrasting third quarter results.

The brand saw its sales decline across all of its markets with a 5% drop resulting in $156 million in its third quarter ended 30 September compared to the same period last year.

Photo: American Apparel 2014


Its wholesale sales in the US remain stable at $50 million. However, its retail sales in the US are down 7% at more than $50 million. In Canada, its sales declined 12% to $13 million. Internationally, its activity dropped 5% to $43 million. Overall, wholesale sales increased 2% to $48 million while its retail sales dropped 8.5% to $97 million. Its online sales were down more than 2% at less than $14 million.

However, in terms of profitability, the numbers are up with an EBITDA that reached $13.7 million.

"The strength of American Apparel’s operating model is evident in the 38% year-over-year improvement in adjusted EBITDA," pointed out Scott Brubacker, the group's interim CEO. "We are proud to have achieved this growth during a period of company-wide operational restructuring and in a challenging macroeconomic environment for retailers."

In detail, net sales for the third quarter decreased $8.7 million, or 5%, compared to the same period in 2013. Lower retail and online sales were partially offset by increased wholesale sales. Comparable retail and online sales decreased by 7% and 5%, respectively, while wholesale sales increased by 2% over the same period in 2013.

The operating result for Canada increased very slightly to $1.25 million while international activity was in the red with $940,000. Excluding exceptional events, the company's operating result stands at $4.9 million compared to $1.6 million a year earlier.

For its entire financial year which will close at the end of December, American Apparel expects an EBITDA of between 40 and 45 million dollars.

1 USD = 0.636046 GBP
 

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